Due to the homestead credit refund program, qualified homeowners in Minnesota may receive a one-time payment of up to $2,930.
Marca mentioned that state officials created the homestead credit refund program to help people who are dealing with excessive property taxes relative to their income.
Eligible Taxpayers Under Homestead Credit Refund Program: How to File
Eligible taxpayers should file a Minnesota Department of Revenue Form M1PR to submit claims. This form needs to be filed separately from the individual income tax form.
Prior to August 15, 2023, claims for taxes due in 2023 will be paid beginning in late September 2023. Claims submitted online, however, might be reimbursed up to a month early. August 15, 2024 is the deadline for submitting claims for taxes due in 2023.
The taxpayers will only get a refund if they file by that deadline.
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Who is Eligible?
The Sun pointed out that the homeowners’ eligibility would depend on their income and the size of their income tax return.
This includes non-taxable income and is calculated based on taxes due less any homeowner-claimed targeting refunds.
Dependents and claimants who are disabled or older than 65 are eligible for deductions.
The program predicts that when income rises, the following things will happen:
Increasing threshold percentage climbs;
Increasing “copay percentage” or proportion of additional tax the taxpayer must pay;
Decreasing maximum refund
For claims submitted in 2022, the maximum refund is $2,930.
Homeowners who earn more than $119,790 will not be given a refund.
For dependents or claimants who are above 65, deductions are still allowed.